Virginia § 51.1-1302 Local benefit restoration plans

Virginia Statutes

§ 51.1-1302 — Local benefit restoration plans

Virginia § 51.1-1302

Title 51.1PENSIONS, BENEFITS, AND RETIREMENT

Ch. 13BENEFIT RESTORATION PLAN

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Bluebook

Va. Code Ann. § 51.1-1302 (2026).

Text

The governing body of any county, municipality, authority or other political subdivision of the Commonwealth that does not participate in the retirement system or that maintains a plan that provides supplemental benefits to employees covered by the retirement system may, by ordinance or by resolution adopted by a recorded majority of the members of such governing body, establish for itself and its employees a benefit restoration plan established under § 415 (m) of the Internal Revenue Code and, if it deems it advisable, may create a trust or other special fund for segregation of funds or assets relating to such plan.

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The governing body of any county, municipality, authority or other political subdivision of the Commonwealth that does not participate in the retirement system or that maintains a plan that provides supplemental benefits to employees covered by the retirement system may, by ordinance or by resolution adopted by a recorded majority of the members of such governing body, establish for itself and its employees a benefit restoration plan established under § 415 (m) of the Internal Revenue Code and, if it deems it advisable, may create a trust or other special fund for segregation of funds or assets relating to such plan.